Developments. Capital Market W - * % % * I ^ > vti. June 20, 1977

\ I ^ > vti Capital Market Developments W - * % % * June 20, 1977 Prepared by the CAPITAL MARKETS SECTION in conjunction with the MORTGAGE and CONSUMER FINANCE SECTION DIVISION OF RESEARCH AND STATISTICS BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, D C. 20551

< Index SUBSCRIPTION RATES: Weekly $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one address, $13.50 per year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. TABLES 1-6 SECURITY VOLUME AND YIELDS 7, 8 STOCK MARKET AND SECURITY CREDIT 9-16 MORTGAGE MARKET SYMBOLS e P r ESTIMATE PRELIMINARY REVISED n.a. NOT AVAILABLE DATA DO NOT EXIST

Table 1 YIELDS, VOLUME AND RECEPTION YIELDS CORPORATE BOND MARKET VOLUME WEEK ENDING NEW ISSUE 1 RECENTLY 2 3 GROSS PER CENT NEW ISSUES 4 Aaa UTILITY OFFERED OFFERINGS SOLD BY END IN SYNDICATE Aaa UTILITY ($ MILLIONS) OF WEEK ($ MILLIONS) 1977 - May 6 8.33 77 95 33 13 8.32 8.32 415 99 8 20 8.34 8.31 260 98 15 27 8.28 398 97 24 June 3 8.15 8.25 457 97 23 10 8.11 8.22r 212 95 33 17 8.01p 8.08p 382 84 148 WEEK ENDING YIELDS MUNICIPAL BOND MARKET VOLUME MOODY'S BOND BUYER GROSS 3 PER CENT NEW ISSUES 4 NEW ISSUE 2Q-BOND OFFERINGS SOLD BY END IN SYNDICATE Aaa INDEX ($ MILLIONS) OF WEEK ($ MILLIONS) 1977 - May 6 5.23 5.76 1,073 75 350 13 5.25 5.82 884 92 180 20 5.20 5.70 674 90 188 27 5.25 5.71 855 87 194 June 3 5.26 5.72 219 88 166 10 5.20 5.65 1,292 89 213 17 5.20 5.55 1,039 88 203 1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime during the last four weeks. 3 Estimated by F.R. on the basis of available data. 4 Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when necessary to make coverage of this series consistent with the gross offerings series.

1 # * # # # # # # # * Table 2 HIGH GRADE BOND YIELDS DATE NEW ISSUE Aaa UTILITY 1 RECENTLY OFFERED Aaa UTILITY 2 MOODY'S SEASONED CORPORATE Aaa 3 U.S. GOVT. 20-YEAR CONSTANT MATURITY 4 BOND BUYER 20-B0ND INDEX 1973 - High 8.52 (8/10) 8.32 (8/10) 7.77 (8/24) 7.79 (8/10) 5.59 (8/3) Low 7.29 (1/21) 7.28 (1/5) 7.11 (1/5) 6.42 (1/5) 4.99 (10/11) 5 1974 - High 10.61 (10/4) 10.52 (10/11) 9.39 (10/11) 8.68 (8/30) 7.15 (12/12) Low 8.05 (2/15) 8.13 (1/4) 7.73 (1/4) 7.39 (1/4) 5.16 (2/7) 1975 - High 9.80 (5/2) 9.71 (5/25) 9.01 (5/2) 8.63 (9/19) 7.67 (10/3) Low 8.89 (2/7) 9.06 (2/28) 8.57 (2/28) 7.63 (2/21) 6.27 (2/13) 1976 - High 8.95 (5/28) 9.10 (1/2) 8.66 (5/28) 8.17 (5/28) 7.29 (1/2) Low 7.93 (12/10) 7.84 (12/31) 7.91 (12/31) 7.27 (12/31) 5.95 (12/16) 19 77 - High 8.34 (5/20) 8.33 (5/6) 8.12 (3/11) 7.78 (5/13) 5.93 (2/4) Low 7.90 (1/7) 7.95 (1/7) 7.88 (1/7) 7.26 (1/7) 5.55 (6/16) 19 77 - May 6 8.33 8.04 7.74 5.76 13 8.32 8.32 8.07 7.78 5.82 20 8.34 8.31 8.06 7.74 5.70 27 8.28 8.04 7.70 5.71 June 3 8.15 8.22. 7.99 7.68 5.72 10 8.11 8.22r 7.98r 7.68 5.65 17 8. Olp 8.08p 7.94p 7.62p 5.55 1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year cam protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price restrictions sometime during the last 4 weeks. 3 Weekly average of daily closing figures. 4 Weekly average of daily figures. U.S. Treasury data. 5 Thursday figures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data.

Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS 5 GROSS PROCEEDS PERIOD CORPORATE STATE AND LOCAL J 1 1 Z 1977 1976 1975 1977 J 1976 1975 Z January 3,989 3,381 5,367 3,419 2,451 2,361 February 2,708 3,863 4,528 3,142 2,885 2,387 March 4,900e,6,632 5,378 4,135 3,365 2,135 April 3,450e 3,507 4,294 3,563 2,218 2,406 May 3,275e 4,186 5,798 4,163 3,575 2,900 June 6,439 5,596 3,115 3,064 July 3,216 4,327 2,734 3,580 August 3,357 2,405 2,821 2,783 September 4,817 2,836 2,814 2,159 October 4,431 4,705 3,524 2,323 November 3,047 4,076 3,336 2,381 December 6,480 4,307 2,342 2,052 01 ll,697e 13,876 15,273 10,696 8,701 6,883 02 14,132 15,688 8,908 8,370 03 11,390 9,568 8,369 8,522 04 13,958 13,088 9,202 6,756 1st Half 28,008 30,961 17,609 15,253 3 Qtrs. 39,398 40,529 25,978 23,775 Year 53,356 53,617 35,180 30,531 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. 3 Estimated by Federal Reserve on the basis of available data.

\ Table 4 NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS I PERIOD TOTAL GROSS PROCEEDS BY TYPE OF ISSUE BONDS COMMON MEMO AND PUBLICLY PRIVATELY ISSUES INCLUDED OFFERED PLACED PREFERRED STOCK FOREIGN CONVERTIBLE GROSS PROCEEDS BY TYPE OF ISSUER PUBLIC UTILITY MANUFAC- TURING COMMUNI- CATIONS OTHER ISSUERS 1976 - I 13,876 7,569 2,754 3,553 1,340 262 4,497 4,044 765 4,569 II 14,132 7,427 3,584 3,121 1,843 478 3,757 3,140 1,879 5,358 III 11,390 4,904 4,624 1,861 1,267 199 2,982 3,317 378 4,715 IV 13,958 6,553 4,846 2,559 1,795 55 4,244 3,897 541 5,276 1 1976 - January 3,381 2,189 613 579 605 123 1,073 1,097 16 1,197 February 3,863 2,142 794 927 335 15 1,179 789 171 1,722 March 6,632 3,238 1,347 2,047 400 124 2,245 2,158 578 1,650 April 3,507 2,350 629 528 428 37 568 644 450 1,847 May 4,186 1,937 1,051 1,198 350 15 1,709 1,148 20 1,309 June 6,439 3,140 1,904 1,395 1,005 426 1,480 1,348 1,409 2,202 July 3,216 1,239 1,348 629 500 100 1,198 932 26 1,061 August 3,357 1,565 1,113 678 367 7 1,031 920 212 1,195 September 4,817 2,100 2,163 554 400 92 753 1,465 140 2,459 October 4,431 2,729 753 949 235 21 1,349 1,414 155 1,513 November 3,047 1,256 1,101 690 1,310 31 510 1,327 190 1,019 December 6,480 2,568 2,992 920 250 3 2,385 1,156 196 2,744 1977 - January 3,989 2,786 601 602 300 0 906 986 50 2,048 February 2,708 1,108 780 820 433 6 743 435 557 973 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. # e e # e # e

# # # # e e e e # e - «( Table 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 May 31 through June 17, 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S/S&P'S RATINGS CORPORATE Minnesota Power & Light Co. Com. stk. 28.0. " Commonwealth Edison Co. 1st mtg. 150.0 2007 8.13 8.19 Aaa/AA Michigan Bell Tel. Co. Debt. 150.0 2015 8.13 8.15 Aaa/AAA Beneficial Corp. Debt. 150.0 2003 8.30 8.30 Aa/AA Atlanta Gas Light Co. 1st mtg. 35.0 1997 8.38 8.38 A/A Public Service Co. of New Mexico 1st mtg. 30.0 2007 8.13 8.15 Aa/AA Consolidated Natural Gas Co. 1st mtg. 75.0 1997 8.13 8.15 Aa/AA LNG Aquarius Gtd. ship fin. 49.0 2002 8.00 8.00 Aaa/AAA LNG Aquarius Gtd. ship fin. 12.0 1977-1987 5.65-7.70 Aaa/AAA Petroleum & Resources Corp. Pfd. stk. 25.0 ~ 7.00 7.00 Public Service Co. Indiana Com. stk. 49.1 Iowa Electric Light & Power Co. Com. stk. 17.9 Continental Tele. Corp. Com. stk. 34.3 Occidental Petroleum Corp. Pfd. stk. 100.0 8.50 8.50 Baa/BB Central Illinois Light Co. Com. stk. 18.8 ~ * New York Telephone Co. Debt. 200.0 2017 7.88 7.88 Aaa/AAA Western Pacific Railroad Co. Equip. tr. 20.0 2002 9.13 9.18 Baa/BB Imperial Savings & Loan Assoc. Mtg. backed 100.0 1987 7.70 7.70 -/AAA Portland General Electric Co. 1st mtg. 50.0 2007 8.75 8.84 Raa/BBB- * Rights offering. 1 Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings.

Table 5A Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U S. TREASURY oo May 31 through June 17, 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S/SiP'S RATINGS CORPORATE OTHER Norway, Kingdom Electric!te de France Venezuela, Republic of British Columbia Hydro & Power Auth. Notes Bonds Notes Bonds 100.0 50.0 100.0 200.0 1982 1987 1982 2007 7.50 8.50 7.88 8.38 7.54 8.54 7.90 8.38 Aaa/AAA Aaa/AAA Aaa/AAA Aa/AA

# # # # # # # # # # Table 5B INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' May 31 through June 17, 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/SSP'S RATINGS STATE AND LOCAL Hillsborough Co., Fla. G.O. 10.0 1978-1996 5.-11 3.10-5.50 A 1/A+ Tulsa, Okla. G. 0 22.0 1979-1997 4.70 3.25-5.00 Aa/AA Honolulu, Hawaii G.O. 15.0 1980-1997 5.16 3.80-5.90 Aa/AA Detroit Sch. Dist., Mich. G.O. 20.4 1979-1993 5.81 3.80-6.00 A/AA Pittsburgh, Pa. G.O. 13.2 1979-1997 5.71 3.75-6.00 A/AA Massachusetts Hlth. & Educ. Fac. Auth. Rev. 12.0 1978-2007 5.22 2.90 5.60 Aaa/AAA Michigan State Hsg. Dev. Auth. Rev. 16.5 1978-1996 6.34 3.50-6.20 A 1/A+ Michigan State Hsg. Dev. Auth. Rev. 13.5 2009 6.34 6.50 A 1/A+ Escambia Co., Fla. Rev. 10.0 1980-1999 4.00-5.60 j Dade Co., Fla. G.O. 48.4 1978-2002 5.51 3.20-6.00 A-1/A+ Richmond Indust. Dev. Auth., Va. Rev. 7.5 1980-1986 5.20-6.75 / Richmond Indust. Dev. Auth., Va. Rev. 7.5 2007 8.00 / LaCrosse, Wise. Rev. 15.0 1979-1988 4.00-6.00 A-l/ Granite City, 111. Rev. 6.3 1982-1992 7.07 5.00^6.50 A/ A Granite City, 111. Rev. 22.2 2008 7.07 7.00 A/A Mason Co., W. Va. Rev. 50.0 2007 7.08 7.00 / Ohio, State of Rev. 13.5 1980-2004 5.59 3.80-5.90 A/AA St. Louis Co., Mo. G.O. 41.4 1978-1997 4.85 2.90-5.65 Aa/~ Georgia Mun. Electric Auth. Rev. 50.6 1979-1998 6.16 3.40-6.00 A/A+ Georgia Mun. Electric Auth. Rev. 20.5 2002 6.16 6.10 A/A+ Georgia Mun. Electric Auth. Rev. 78.9 2012 6.16 6.25 A/AH- Nashville & Davidson Co. Metro. Gvt., Tenn. Rev. 26.0 1978-2012 5.62 3.20-6.10 A/A Valdez, Alaska Rev. 63.0 2007 5.74 5.70 Aaa/AAA 1 Includes only state and local security offerings of $10 million and over; excludes secondary offerings. 2 For State and local government securities, G O. denotes general obligation; Rev. denotes revenue obligations. ) VP

ISSUER Table SB Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY May 31 through June 17, 1977 TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS STATE AND LOCAL Wyandotte, Mich. Rev. 15.6 1978-1997 5.39 3.30-6.10 A/A Maricopa Co. Indust. Dev. Auth., Ariz. Rev. 8.5 1977-1988 3.25-5.90 A-1/ A+ Maricopa Co. Indust. Dev. Auth., Ariz. Rev. 21.0 2003 6.75 A-1/A+ Cincinnati, Ohio G.O. 16.5 1978-1997 4.67 3.00-5.30 Aa/AA Cincinnati, Ohio G.O. 3.0 1978-2007 5.36 2.90-5.50 Aa/AA Tucson, Ariz. Rev. 49.9 1988-1998 5.74 4.80-5.80 A-l/A Knoxville, Tenn. G.O. 4.0 1978-2002 5.19 3.10-5.55 A 1/A+ Knoxville, Tenn. Rev. 20.0 1979-2002 5.19 3.10-5.55 A-1/A+ Chicago School Dist., 111. G.O. 45.0 1980-1994 5.83 4.30-6.00 A/A- Anchorage, Alaska Rev. 37.6 1978-1997 6.07 3.75-6.09 /A Missouri, State of G.O. 31.5 1978-1989 4.60 2.75-4.45 Aaa/ Clayton & Clinton Co. Water Auth., Ga. Rev. 12.0 1980-2007 4.00-6.20 Baa 1/A Guilford Co., N.C. G.O. 14.3 1979-1997 4.89 3.25-5.00 Aa/AA+ Prince George's Co., Md. G.O. 16.8 1978-2002 4.97 3.00-5.85 Aa/AA California, State of G.O. 80.0 1978-1997 4.76 2.90-5.15 Aaa/AAA California, State of G.O. 30.0 1987-2012 5.36 4.45-5.40 Aaa/AAA Georgia, State of G.O. 77.0 1978-1997 4.85 2.80-5.15 Aaa/AA West Virginia, State of G.O. 50.0 1978-2002 5.08 2.90-5.40 A-1/AA+ Nevada, State of G.O. 13.7 1979-2003 5.03 3.20-5.40 Aa/AA Alaska Housing Finance Corp. Rev. 14.0 1978-1992 3.25-5.90 /A Alaska Housing Finance Corp. Rev. 34.0 2007 6.40 -/A South Dakota Hsg. Dev. Auth. Rev. 74.4 1979-1992 3.50-5.60 Aa/AA South Dakota Hsg. Dev. Auth. Rev. 31.8 2008 6.13 Aa/AA Municipal Asst. Corp., N.Y. Rev. 250.0 1995 7.63 7.50 Baa/A+ New York, State of G.O. 96.0 1978-2007 5.31 3.00-5.90 A/AA Osseo Ind. Sch. Dist., #279, Minn. G.O. 10.5 1978-1999 5.34 3.20-5.70 A/A- Utah Housing Finance Agy. Rev. 53.6 1979-1999 5.55 3.30-5.65 Aa/AA

Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY May 31 through June 17, 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS STATE AND LOCAL Utah Housing Finance Agy. Durham, N.C. San Diego Sch. Bldg. Corp., Cal. Connecticut Dev. Auth. Illinois, State of Florida State Bd. of Education Minneapolis, Minn. Minneapolis, Minn. Alexandria Indust. Dev. Auth., Va. Rev. 21.4 2008 5.55 5.88 G.O. 13.0 1979-1999 4.79 3.25-5.25 Rev. 28.3 1987-2000 5.34 4.60-5.50 Rev. 16.0 2007 6.50 G.O. 150.0 1978-2002 4.80 2.90-5.60 G.O. 27.8 1978-1998 4.89 2.90-5.20 Rev. 22.9 1980-1996 4.25-6.30 Rev. 15.3 2006 6.50 Rev. 38.3 2007 6.20 6.16 A/AA Aa/AA Aa/Af Baa/BBB- Aaa/AAA Aa/AA A-1/A4- A-1/A+ A/A+

Table 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' as of June 17, 1977 AMOUNT ISSUER TYPE (IN MILLIONS APPROXIMATE DATE OF DOLLARS) OF OFFERING CORPORATE Credithrift Financial Inc. Notes 50.0 June 21 Public Service Electric & Gas Co. 1st mtg. 125.0 June 21 Trans World Airlines Inc. Pfd. stk. 100.0 June 21 Ohio Edison Co. 1st mtg. 75.0 June 21 Kansas Power & Light Co. 1st mtg. 30.0 June 22 Gen'l Tel. Co. of the Midwest Debt. 20.0 June 23 *Associates Corp. of North America Bonds 75.0 June 27 Alabama Power Co. 1st mtg. 100.0 June 28 *Citicorp Notes 200.0 June 29 General Public Utilities Co. Com. stk.(rts) 67.0 June 29 Commercial Alliance Corp. Notes 20.0 June United Bank Corp. New York Notes 20.0 June *Home Savings & Loan Assoc. Mtg. backed 200.0 June International Tel. & Tele. Corp. Med-term notes 50.0 June UT Credit Corp. Notes 75.0 June Philadelphia Elect. Co. 1st mtg. 75.0 July 6 Trailer Train Co. Equip. tr. 13.0 July 6 Trailer Train Co. Equip tr. 27.0 July 6 Southern Calif. Edison Co. 1st mtg. 200.0 July 12 *Long Island Lighting Com. stk.(rts) 92.0 July 19 *New England Elec. System Com. stk. 27.5 July 20 *Columbus & Southern Ohio Elec. Co. 1st mtg. 40.0 July 21 *Kansas City Power & Light Co. Pfd. stk. 25.0 July 21 *Chrysler Corp. Med-term notes 100.0 July *Bank of America Mtg. backed 150.0 July *United Financial Corp. of Calif. Notes 30.0 July *APL Corp. Debt. 30.0 Indef Burlington Northern Inc. Pfd. stk. 100.0 Indef :. Reynolds Metals Co. Com. stk. 75.0 Indef :. World Airways Equip, tr. 65.0 Indef United Financial Corp. Notes 30.0 Indef :. OTHER Nippon Tele. & Tel. Corp. Notes 150.0 June 21 Ito-Yokado Co. Conv. debt. 50.0 June 21 European Economic Community Notes 100.0 June 29 * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options

Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 as of June 17, 1977 AMOUNT ISSUER TYPE (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL *Bessemer Med. Clinic Bd., Ala. Rev. 13.8 June 20 Pima Co., Ariz. G.O. 19.0 June 20 Dothan, Ala. G.O. 15.0 June 21 *Illinois Health Fac. Auth. ' Rev. 12.0 June 21 Massachusetts, State of G.O. 119.6 June 21 Ysleta Ind. Sch. Dist., Texas G.O. 12.0 June 21 Middlesex Co., N.J. G.O. 14.3 June 21 New Mexico, State of Rev. 45.0 June 21 Oregon, State of G.O. 150.0 June 21 Desert Hosp. Auth., Cal. Rev. 15.0 June 21 River Rouge, Mich. Rev. 32.9 June 22 Buffalo Sewer Auth., N.Y. Rev. 88.0 June 22 Halstead, Kansas Rev. 17.0 June 22 Halstead, Kansas Rev. 10.0 June 22 Parsippany-Troy Hills Tp., N.J. G.O. 10.3 June 22 Fort Worth Ind. Sch. Dist., Texas G.0. 25.0 June 22 Cleveland, Ohio G.O. 28.6 June 22 New Jersey Turnpike Auth. Rev. 200.0 June 23 North Dakota Mun. Bond Bank Rev. 15.0 June 23 *New York State Hsg. Fin. Agy. Rev. 82.0 June 28 *New Hampshire Hsg. Fin. Agy. Rev. 60.0 June 28 *East Side Union Sch. Dist., Calif. G.O. 15.5 June 28 Brick Tp. Sch. Dist., N.J. G.O. 12.3 June 28 Hampton Roads & Sant. Dist., Va. Rev. 32.5 June 28 Hampton Roads & Sant. Dist., Va. Rev. 10.0 June 28 *Valdez, Alaska Rev. 350.0 June 29 Atlanta, Ga. Rev. 330.0 June 29 Pima Co., Ariz. G.O. 19.3 June 30 Milwaukee, Wise. G.O. 18.9 June 30 *Parkview Memorial Hospital, Ind. Rev. 28.8 June Lancaster Co. Hosp. Auth., Pa. Rev. 9.8 June Lancaster Co. Hosp. Auth., Pa. Rev. 4.2 June *Alabama Public Sch. & College Auth. Rev. 24.9 July 6 *Cheyenne Building Comm. Rev. 27.7 July 6 *Illinois Health Fac. Auth. Rev. 32.5 July 13 *Harris Co., Texas G.O. 19.0 July 21 POSTPONEMENT Blair Co. Hospital Auth., Pa. Rev. 25.0 June 20 1 Includes state and local government issues of $10 million and over, foreign government, International Bank for Reconstruction issues of Federally sponsored agencies; excludes secondary offerings. * Included in the table for the first time.

Table 7 STOCK PRICES AND VOLUME 1 DATE STOCK PRICES TRADING VOLUME 2 NYSE INDEX 3 BJ INDUSTRIALS AMEX 4 NASDAQ NYSE AMEX NASDAQ 1973 - High 65.58 (1/11) 1051.50 (1/11) 130.47 (1/11) 136.84 (1/11) 26.0 (9/20) 5.5 (1/12) 11.3 (1/11) Low 49.12 (12/13) 788.31 (12/5) 85.26 (12/20) 89.12 (12/13) 9.0 (8/20) 1.4 (8/20) 3.5 (8/27) 1974 - High 53.37 (3/13) 891.66 (3/13) 102.01 (3/14) 96.53 (3/15) 24.9 (1/3) 4.4 (1/3) 7.5 (1/3) Low 32.89 (10/3) 577.60 (12/6) 58.26 (12/9) 54.87 (10/3) 7.5 (7/5).9 (9/26) 2.8 (7/5) 1975 - High 51.24 (7/15) 881.81 (7/15) 96.86 (7/15) 88.00 (7/15) 35.2 (2/13) 4.2 (2/21) 8.1 (2/13) Low 37.16 (1/8) 632.04 (1/2) 62.20 (1/2) 60.70 (1/2) 8.7 (9/15) 1.1 (9/15) 2.5 (9/15) 19 76 - High 57.51 (9/21) 1014.79 (9/21) 107.05 (7/12) 92.52 (7/15) 44.5 (2/20) 8.6 (2/20) 11.1 (2/20) Low 48.04 (1/2) 858.71 (1/2) 84.31 (1/2) 78.06 (1/2) 10.3 (1/2) 1.1 (1/2) 3.5 (1/2) 19 77 - High 57.69 (1/3) 999.75 (1/3) 115.50 (6/15) 98.47 (5/18) 31.5 (1/5) 4.2 (1/13) 10.5 (1/19) Low 52.56 (5/31) 898.66 (5/31) 109.61 (1/12) 93.66 (4/5) 13.6 (5/27) 1.9 (5/23) 5.1 (5/27) June 3 53.36 912.23 113.28 96.19 18.4 2.3 5.9 10 53.80 910.79 114.55 97.07 19.Or 2.6 6.0 17 54.64 920.45 116.95 98.61 23.5 2.5 7.1 1 Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays. 2 Volume figures are weekly averages of daily figures (millions of shares). 3 12/31/65 = 50 4 Based on average price change until September 4, 1973 thereafter, based on market value of shares listed.

Table 8 SECURITY CREDIT 15 REGULATED MARGIN CREDIT EXTENDED BY 4 END OF PERIOD BROKERS ON 1 BROKERS ON 2 3 UNREGULATED NONMARGIN STOCK CREDIT MARGIN CONVERTIBLE BANKS AT BANKS STOCK BONDS OUTSTANDING 1976 - March 6,410 162 1,057 2,355 April 6,690 163 1,077 2,325 May 6,940 161 1,007 2,357 June 7,080 166 880 2,825 July 7,340 172 876 2,576 August 7,450 167 881 2,807 September 7,530 174 l,081r 2,651 October 7,350 169 1,068 2,774 November 7,610 178 85C 3,737 December 7,960 204 829 3,684 1977 - January 8,270 196 820 3,693 February 9,480 197. 830 3,751 March 8,690 199 796 3,720 April 8,880 196: 809r 2,878 May 9,070 n. a. n.a. n e 51* CHANGE IN OUTSTANDING 1976 - March 460 9 19 22 April 280 1 20-30 May 250-2 -69 32 June 140 5 127 468r July 260 6-4r -249r August 110-5 5r 231r September 80 7 200r -156r October 5-13r 123r November 80 9-218r 962r December 350 26-21r -53r 1977 - January 310-8 -9 9 February 210 1 10 58 March 210 2-34 -31 April 190-3 13 842 May 190 \ Margin account debt as reported by the New York stock Exchange, excluding credit for subscription issues and convertible bonds. 2 New York Stock Exchange data. 3 June data for banks are universe totals; all other for banks represent estimates for all commercial banks based on reports by a reporting sample, which accounted for 60 per cent of security credit outstanding at banks on June 30. 4 Nonmargin stocks are those not listed on a national Securities exchange and not included on the Board of Governors of the Federal Reserve System's list of OTC margin stocks. At banks, loans jto purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no value.

Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS DATE MUTUAL SAVINGS BANKS SAVINGS & LOAN ASSOCIATIONS TOTAL 1 REGULAR DEPOSITS 2 2 SHARE CAPITAL DEPOSITS 2 NET FLOW ANNUAL 3 GROWTH RATE NET NEW MONEY NET FLOW ANNUAL 3 GROWTH RATE NET NEW MONEY NET FLOW ANNUAL 3 GROWTH RATE 1972 10,067 12.4 5,451 32,567 18.6 23,884 42,634 16.6 29,335 1973 4,815 5.4-442 20,237 9.9 10,507 25,052 8.5 10,062 1974 2,909 2.2-2,822 16,006 7.0 4,668 18,915 5.5 1,846 1975 11,070 11.3 4,757 42,769 17.3 29,276 53,839 15.8 34,033 1976 11,546 11.6 5,275 50,287 17.7 34,369 61,833 16.0 39,644 1976 - Sept. 1,307 75 5,572 1,944 6,879 2,019 Oct. 836 582 3,452. 3,224 4,288 3,826 Nov. 779 539 2,581 2,381 3,360 2,920 Dec. 1,757 367 6,277 2,279 8,034 2,646 1977 - Jan. 913 645 5,218 4,944 6,131 5,449 Feb. 847 585 3,406 3,186 4,253 3,771 Mar. JD/ 1,903 623 7,578 3,604 9,481 4,227 SEASONALLY ADJUSTED 1976 - Sept. 1,326 13.5 5,525 20.8 6,851 18.8 Oct. 1,396 14.1 5,016 18.5 6,412 17.3 Nov. 852 8.5 4,047 14.7 4,899 13.1 Dec. 1,086 10.7 4,423 15.9 5,509 14.5 1977 - Jan. 965 9.5 4,285 15.2 5,250 13.7 Feb. 589 5.7 2,932 10.3 3,521 9.1 Mar. p/ 696 6.7 3,608 12.5 4,304 11.0 NET NEW MONEY % 1 Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits. 2 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of industry total resources. 3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits. Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board. H.16 z

Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY ADJUSTED 2 7 OUTSTANDING COMMITMENTS NET CHANGE PERIOD ALL SAVINGS MUTUAL ALL SAVINGS MUTUAL TOTAL & LOAN SAVINGS BKS i TOTAL & LOAN SAVINGS BKS ASSOCIATIONS (N Y. STATE) ASSOCIATIONS (N Y. STATE) 1972 - Dec. 25.2 20.3 4.9.45.43.02 1973 - Dec. 19.9 16.4 3.5.04.21 -.17 1974 - Dec. 14.6 ' 12.4 2.2 - -.09 -.09 1975 - Jan. 14.8 12.7 2.1 -.03.18 -.11 Feb. 14.6 12.7 1.9 -.01.06 -.24 Mar. 15.2 13.2 2.0.50.41.11 Apr. 16.1 14.1 2.0 1.18.95.01 May 16.7 14.6 2.1.55.53.04 June 17.0 14.9 2.1.25.29.04 July 17.9 15.8 2.1.92.84 -.03 Aug. 18.9 16.7 2.2 1.21.98.09 Sept. 19.7 17.6 2.1.90.86 -.09 Oct. 20.1 18.0 2.1.01.37.02 Nov. 20.2 18.2 2.0.35.22 -.03 Dec. 20.6 18.6 2.0.04.35 -.02 1976 - Jan. 20.8 18.8 2.0.06.20.02 Feb. 21.3 19.3 2.0.61.58 -.06 Mar. 21.7 19.5 2.2.48.16.19 Apr. 21.8 19.6 2.2.38.10.05 May 22.3 20.0 2.3.48.32.05 June 22.6 20.4 2.2.27.53 -.02 July 23.1 20.8 2.3.50.33.03 Aug. 23.7 21.3 2.4.87.50.12 Sept. 24.6 22.0 2.6 1.05.78.19 Oct. 26.1 23.5 2.6 1.20 1.46.06 Nov. 27.3 24.6 2.7 1.26 1.09.09 Dec. 28.2 25.5 2.7.92.92 1977 - Jan. 27.9 25.1 2.8 -.35 -.45.10 Feb. 28.4 25.4 3.0.48.30.18 Mar. 29.6r 26.4 r 3.2 1.24 r 1.04r.20 Apr. 27.0.59 Based on data from Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of nonresidential commitments; S&L commitments also include loans in process. Net changes are derived directly from unrounded end of period outstanding levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. H.16

Table 11 NET NEW MONEY BORROWINGS BY MAJOR HOUSING AGENCIES IN MILLIONS OF DOLLARS, # PERIOD TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES INTERMEDIATE AND LONG-TERM ISSUES TOTAL FHLB FHLMC FNMA FNMA &FHLB SHORT-TERM DISCOUNT NOTES 1 1 1974 - Sept. ' +2,768 +2,750 +1,700 +1,050 +18 Oct. +1,665 +1,599 +1,499 +100 +66 Nov. -89 +93-217 +310-182 Dec. +507 +961 +470 +491-454 < 1975 - Jan. -242-5 -4-1 -237 Feb. -659-254 -554 +300 0-405 Mar. +440 +689 11 0 +700-249 Apr. 0 +69-30 -1 +100-69 May -1,568-1,279-1,279 0 0-289 < June +330 +600 0 0 +600-270 July +236 +300 0 0 +300 64 Aug. -398 700-700 0 0 302 Sept. 215 100 0 0 100 115 Oct. 587 850 +150 0 700-263 Nov. 152 200 0 200 0 48 ( Dec. 669 600 0 0 600 69 19 76 Jan. -197 0 0 0 0-197 Feb. -964-604 -1,100 196 300-360 Mar. -851-304 0-4 -300-547 Apr. 124 693 0 7 700-569 < May -953-607 -600-7 0-346 June -107-206 0 6-200 99 July -58 291 0-9 300-349 Aug. 787 +190 0 +190 0 597 Sept. 195 190 0-10 200 5 Oct. -37 310 0-8 318-347 < Nov. -552-297 -300-9 12-255 Dec. 145-219 0-7 -212 364 1977 - Jan. 18 194 0 189 5-176 Feb. -460-190 -200-8 18-270 < ( Based on data from Treasury Survey of Ownership. 1 / Sales of FHLB discount notes began in May 1974. p Preliminary

Table 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF DOLLARS 19 PERIOD TOTAL INCLUDING FNMA-GNMA TOTAL FINANCIAL INSTITUTIONS 2 COMMERCIAL BANKS MSB's S & L's INSURANCE COMPANIES FNMA-GNMA Not Seasonally Adjusted 1971 41,406 39,018 9,940 3,938 23,919 1,221 2,388 1972 57,587 55,561 16,800 5,377 31,932 1,452 2,026 1973 58,372 55,072 19,600 5,642 25,552 4,278 3,300 1974 42,739 36,517 11,700 2,172 17,567 5,078 6,222 1975 43,497 ' 38,658 4,200 2,236 29,289 2,933 4,839 1976 62,845 64,965 13,500 4,074 44,977 2,414-2,120 1976 - June 6,140 6,783 1,300 517 4,804 162-643 July 6,394 6,088 1,200 314 4,512 62 306 Aug. 6,141 5,861 1,100 384 4,239 138 280 Sept. 6,231 6,371 1,600 364 4,081 326-140 Oct. 5,283 5,699 1,300 398 3,895 106-416 Nov. 4,949 5,257 900 341 3,531 485-308 Dec. 6,213 6,376 1,000 690 3,913 773-163 1977 - Jan. 3,430 3,756 600 196 2,926 34-326 Feb. 4,075 4,117 900 156 3,030 31-42 Mar. 6,802 6,736 1,600 291 4,617 228 66 Apr. 1,800 5,219 123 Seasonally Adjusted 1976 - June 4,924 5,346 982 358 3,831 175-422 July 5,246 5,281 1,183 225 3,753 120-35 Aug. 5,327 5,315 951 359 3,840 165 12 Sept. 6,973 6,417 1,414 438 4,234 331-344 Oct. 5,432 6,067 1,285 444 4,270 68-635 Nov. 5,749 6,088 1,042 366 4,268 412-339 Dec. 6,198 6,448 1,082 573 4,425 368-250 1977 - Jan. 5,217 5,484 1,055 337 3,980 112-267 Feb. 5,310 5,175 1,227 307 3,567 74 135 Mar. 7,706 6,789 1,647 280 4,487 375 217 Apr. 1,661 4,586 294 1 Monthly data for commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate loans outstanding as available. Other data derived from mortgage debt outstanding as reported separately by National Assn. of Mutual Savings Banks, Federal Home Loan Bank Board, Institute of Life Insurance and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the Government National Mortgage Association. Data for mutual savings banks and for Life Insurance companies may differ somewhat from those derived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, these groups accounted for 83 per cent of the net increase estimated for all holders in 1974. 2 Beginning January 1972 data reflect activity in limited amount of conventional mortgages.

20 Table 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES QUARTER TOTAL 2 RESIDENTIAL 3 MULTFAMILY TOTAL 1- to 4- MULTI- COMMERCIAL & FARM FAMILY FAMILY COMMERCIAL 1969 - I 34.1 25.5 21.2 4.4 6.6 11.0 2.0 II 30.8 23.6 19.0 4.5 5.2 9.8 2.0 III 28.2 21.4 16.8 4.6 5.2 9.8 1.7 IV 29.6 22.3 16.0 6.3 6.0 12.3 1.3 < 1970 - I 23.3 16.7 11.2 5.5 5.6 11.1 0.9 1 II 26.9 19.2 13.6 5.5 6.8 12.3 1.0 III 34.1 24.5 16.2 8.2 8.3 16.5 1.4 IV 37.1 28.1 19.5 8.6 7.6 16.1 1.4 1971 - I 41.8 32.8 23.3 9.5 6.6 16.1 2.5 II 51.4 40.0 30.0 10.4 8.9 19.3 2.5 * III 56.6 42.2 33.1 9.1 11.7 20.8 2.7 IV 60.3 46.0 36.3 9.7 11.5 21.2 2.8 1972 - I 70.6 50.6 39.4 11.2 16.6 27.8 3.4 II 72.9 53.6 40.7 12.9 15.6 28.6 3.6 a III 75.2 56.7 46.0 10.7 14.7 25.4 3.8 < IV 89.3 65.7 49.5 16.2 20.4 36.5 3.3 1973 - I 86.4 59.6 51.4 8.2 21.3 29.5 5.6 II 84.0 58.3 45.3 13.0 20.2 33.2 5.5 III 80.0 55.2 43.1 12.1 19.5 31.6 5.3, IV 71.4 49.5 41.4 8.2 16.3 24.5 5.6 * 1974 - I 71.8 49.3 39.8 9.6 18.9 28.5 3.6 II 69.0 46.8 39.5 7.3 17.4 24.7 4.8 III 56.0 35.7 29.5 6.2 14.0 20.2 6.3 IV 46.3 28.9 24.0 4.8 11.6 16.5 5.8 j 1975 - I 38.8 26.3 26.3 0.0 7.2 7.2 5.3 II 54.5 40.3 40.3 0.0 9.4 9.3 4.8 III 62.9 46.1 46.1 0.1 12.5 12.5 4.3 IV 69.2 51.6 52.1-0.5 14.1 13.6 3.5 1976 - I 75.7 58.6 58.2 0.5 11.1 11.6 6.0 II r 71.3 53.3 53.0 0.2 12.4 12.6 5.6 III r 87.6 65.3 64.4 0.8 14.5 15.3 7.9 IV r 94.7 71.9 70.4 1.5 14.1 15.6 8.7 ( NOTES 1 Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Lite Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association, Federal Housing Administration, Veterans Administration and Comptroller of the Cu r ~»cy. Separation of nonfarm mortgage debt by type of property, where not available, and interpolations and extrapolations, where required, e; t jtad mainly by Federal Reserve. May differ somewhat from related flow of funds series mainly because of more aggregate type of seasonal adjustment. Residential mortgage debt includes nonfarm only and is sum of 1-to 4 family and multifamily mortgage debt.

Table 14 PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES PERMITS 1 STARTS COMPLETIONS MOBILE PERIOD 2-OR MORE TOTAL 1 FAMILY 2-OR MORE TOTAL 1 FAMILY 2-OR MORE HOME TOTAL 1 FAMILY FAMILY FAMILY FAMILY SHIPMENTS 1969 1,324 626 698 1,407 811 656 1,399 808 592 413 1970 1,352 647 705 1,434 813 621 1,418 802 617 401 1971 1,925 906 1,018 2,052 1,151 901 1,706 1,014 692 497 1972 2,219 1,033 1,186 2,357 1,309 1,048 1,972 1,143 828 576 1973 1,820 882 937 2,045 1,132 914 2,014 1,174 840 567 1974 1,074 644 431 1,388 888 450 1,692 932 760 329 1975 939 676 264 1,160 892 268 1,297 867 430 216 1976 1,281 895 386 1,538 1,162 376 1 1,362 1,026 336 250 1976 - July 1,215 870 345! 1,413 1,129 284 1,307 1,038. 269 221 Aug. 1,296 874 422 1,530 1,172 358 1,401 1,094 307 242 Sept. 1,504 926 578! 1,768 1,254 514 1,387 1,017 370 248 Oct. 1,492 998 494 i 1,715 1,269 446 1,326 989 337 263 Nov. 1,590 1,072 518 j 1,706 1,236 470 1,399 1,068 331 247 Dec. 1,514 1,053 461! 1,889 1,324 565 1,435 1,074 361 248 1977 - Jan. 1,307 927 380 1,384 1,006 378 1,416 1,103 313 258 Feb. 1,529 1,064 465 1,802 1,424 378 1,637 1,242 397 275 Mar. 1,712 1,208 504 2,089 1,503 586 1,705 1,232 473 275 Apr. 1,563 1,030 533 1,899 1,433 466 1,510 1,197 313 252 May 1,606 1,070 536 1,929 1,461 468 242p Private building permits (for 14,000 areas with permit systems, excluding farm), starts, and completions are Census Bureau data. A dwelling unit is started when excavation begins. In the case of apartment buildings, all units are considered started at that time; however, all such units are considered completed when more than half of the units in the structure are ready for use. Private mobile home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau. Permit data for 1969 and 1970 based on 13,000 areas with permit systems

I Table 15 K> AVERAGE RATES AND YIELDS ON HOME MORTGAGES PERIOD RATE (IN PER CENT) CONVENTIONAL LOANS PRIMARY MARKET HUD(FHA) INSURED LOANS SECONDARY MARKET NEW HOMES EXISTING HOMES NEW HOMES SPREAD (BASIS POINTS) 1 RATE (IN PER CENT) SPREAD (BASIS POINTS) 1 YIELD (IN PER CENT) SPREAD (BASIS POINTS) 1 DISCOUNT (PERCENTAGE POINTS) SPREAD BETWEEN RETURNS ON NEW Aaa CONVENTIONAL UTILITY AND HUD(FHA) BOND NEW HOME YIELD MORTGAGES (IN PER CENT) (BASIS POINTS) 1975 - High 9.25 15 9.30 20 9.74 31 6.2 21 9.70 Low 8.90-70 8.95-65 8.69-91 2.4-49 8.94 1976 - High 9.05 91 9.10 95 9.06 59 4.3 65 8.72 Low 8.90 5 8.95 10 8.25 8 2.0-4 8.05 1976 - July 9.05 33 9.10 38 8.99 27 3.8 6 8.72 Aug. 9.05 58 9.10 63 8.93 46 3.3 12 8.47 Sept. 9.00 77 9.05 82 8.82 59 2.5 18 8.23 Oct. 9.00 71 9.00 71 8.55 26 4.3 45 8.29 Nov. 8.95 90 9.00 95 8.45 40 3.6 50 8.05 Dec. 8.90 n.a. 8.95 n.a. 8.25 n.a. 2.0 65 n.a. 1977 - Jan. 8.80 58 8.85 63 8.40 18 3.2 40 8.22 Feb. 8.80 52 8.85 57 8.50 22 3.9 30 8.28 Mar. 8.85 63 8.90 68 8.58 36 4.6 27 8.22 Apr. 8.90 59 8.95 64 8.57 26 4.5 33 8.31 May 8.95 n.a. 9.00 n.a. n.a. n.a. n.a. n.a. n.a. 1 Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 5-year call protection. Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market areas of the insuring offices, rounded to the nearest 5 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpayment, prepaid in 15 years, for immediate delivery, are used. e e e # e e e # # «H.16

23 Table 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS DATE OF AUCTION GOVERNMENT-UNDERWRITTEN AMOUNT (IN MILLIONS OF DOLLARS) OFFERED ACCEPTED AVERAGE YIELD CONVENTIONAL AMOUNT (IN MILLIONS OF DOLLARS) OFFERED ACCEPTED AVERAGE YIELD 1976 - High Low 634 (5/17) 321 (5/17) 9.20 (6/1) 171 (9/7) 127 (11/15) 21 (12/27) 19 (12/27) 8.39(12/27) 33 (1/26) 23 (2/23) 9.31 (6/1, 6/28) 8.90 (12/27) 1976 - Sept. 7 20 121.9 99.1 ' 68.8 49.1 8.92 8.84 170.6 151.1 117.8 107.6 9.13 9.09 Oct. 4 18 124.3 111.2 61.8 45.3 8.80 8.70 153.8 143.7 94.4 121.4 9.07 9.02 Nov. 1 15 30 215.3 218.9 59.9 73.2 114.2 33.7 8.67 8.68 8.63 141.7 140.9 70.7 112.2 126.5 58.2 9.00 9.0.0 8.99 Dec. 13 27 36.0 20.9 22.6 18.9 8.51 8.39 79 70 68.1 67.3 8.89 8.80 1977 - Jan. 10 24 385.7 361.7 285.8.263.3 8.46 8.49 184.2 142.6 132.5 105.8 8.81 8.83 Feb. 7 24 389.6 478.8.213.6 271.1 8.52 8.58 151.7 148.3 120.2 115.6 8.85 8.87 Mar. 7 21 703.3 434.9..324.9 287.1 8.66 8.70 206.4 167.5 153.2 114.9 8.90 8.92 Apr. 4 18 321.5 134.6 201.9 67.9 8.72 8.62 196.1 152.0 158.3 122.4 8.97 8.97 May 2 16 31 723.1 585.4 534.3 422.2 285.5 319.7 8.70 8.74 8.79 383.4 415.9 365.3 255.1 278.0 218.6 9.03 9.08 9.13 June 13 188.1 78.1 8.77 210.5 157.5 9.13 Average secondary market yields are gross before deduction, of the fee of 38 basis points paid for mortgage servicing. They reflect the average accepted bid yield for home mortgages assuming a prepayment period of 12 years for 30-year loans, without special adjustment for Federal National Mortgage Association (FNMA) commitment fees"and related stock requirements on 4-month commitments. Mortgage amounts offered by bidders relate to total eligible bids received.